Miguel Liberato's Blog

Buying a home will likely be the most important and expensive purchase you ever make. And, although that might seem like a scary commitment, it’s one well worth it. It’s an investment in your future. There are many benefits or perks that come with owning a home.

Equity: Owning your own home typically comes with gaining equity. Every month that you pay your mortgage, you are increasing your equity. And as long as the market continue upwards, your home and the equity you’ve gained will hold significant value.

Privacy: Privacy is a large perk of owning your own home. This is more so possible when owning a single-family home in a rural location, but many duplexes and condos also provide opportunities for privacy. And in many cases, since you own the home,you can put up your own privacy such as planting arborvitae trees along your properties edge.

Tax Advantages: One of the biggest perks when owning a home is the ability to deduct mortgage interest on your federal income taxes. This will be a significant amount for the first few years of your mortgage, making this a huge benefit. Although, the amount of interest paid decreases over the years, there will still be deductible interest paid in the last few years of your mortgage.

Space: Houses will almost always provide you with more space than an apartment—and it will certainly have more space than your childhood bedroom. The space will be all yours, which means not having to share with other renters or your parents. Of course, home location and the market come into play here, but for the most part you will get more square footage for your money—as landlords charge high rents to cover things like water, electricity, snow removal, or still charge high rent prices and do not cover any of those other expenses.

No restrictions: There are many restrictions that come with renting or living in a condominium. These restrictions could include no pets, parking restrictions, outdoor updating restrictions and many other different types of constraints. When you own your own home, you make the rules. If you want to put up a fence, you can. And if you want to put an addition on your house, you can do that too. Just be sure to check with your town before beginning any construction projects.

Establishment: Buying a home provides you the ability to set down roots, to be established. Although, not a benefit to some, it is to many. Buying a home provides you with ownership and a sense of freedom. You now have the opportunity to invest in something that is yours. You can make updates to the bathrooms, add a pool in the backyard, and paint the front door any color you want—because it’s yours.

A home is often the foundation of one’s life and who can deny its appeal with these perks discussed above? So, what are you waiting for? Start your search today!

Credit plays an important role in your ability to secure a home loan and to qualify for a low-interest mortgage. However, many first-time homebuyers aren’t aren’t sure about the exact relationship between credit scores and mortgages.

This doesn’t come as much of a surprise considering the many factors that go into your credit score and into your lender’s decision to approve you for a mortgage. So, in this article, we’re going to cover three commonly asked questions that homebuyers have about credit scores and how they’re used by mortgage lenders to determine your eligibility for a home loan.

Will my credit score go down if I check my credit report?

If you’re thinking of buying a home in the near future, one of the first things you’ll want to do is check your credit. However, if you’ve heard that some credit inquiries briefly lower your credit score you might be hesitant to find out.

This common misconception stems from the fact that taking out new lines of credit results in a temporary decrease in your credit score. The difference between checking your credit and a credit inquiry is simple: a credit check you can access for free online through a service like Credit Karma, whereas a credit inquiry is performed by a lender or creditor with whom you’ve applied for credit.

In short, checking your credit score online won’t affect your score. In fact, the major credit bureaus are required to allow you to check your credit for free once per year.

Can I get a loan with low credit?

Increasing your credit score is a lengthy process that requires careful financial management. Many people who have had difficulties paying off bills, loans, and credit cards will have to rebuild their credit. Or, if you’re young and don’t have a diverse history of credit payments, you’ll be starting from scratch to build your score.

If you’re hoping to get an FHA (first-time homeowner loan), the lowest your score can be is 580. However, that doesn’t mean you should always take a loan with a low credit score. When you don’t have a good credit history, lenders will seek other ways to guarantees their investment. This comes in the form of higher interest rates or PMI (private mortgage insurance) which you’ll have to pay on top of your monthly home insurance and mortgage payments.

Will applying for a home loan affect my credit?

Simply stated, yes. However, applying for a loan or get preapproved is considered a credit inquiry and won’t leave any lasting negative on your credit score. Making several inquiries within a short period of time, however, can significantly lower your score, so choose your inquiries wisely. And, be sure to monitor your credit score on a monthly basis so you have an idea of where you stand along the road to applying for a home loan.

Adding your home to the real estate market may prove to be challenging, particularly for a property seller who fails to plan ahead. Lucky for you, we're here to eliminate the guesswork commonly associated with the home selling process.

Now, let's take a look at three tips to help you list your house and streamline the home selling journey.

1. Enhance Your House's Curb Appeal

How your home looks to prospective buyers can make a world of difference during the home selling journey. If you house fails to impress buyers right away, it may take many days, weeks or months for your house to sell. Conversely, if your home instantly dazzles buyers, you could boost the likelihood of a fast, profitable house sale.

Ultimately, you should allocate time and resources to bolster your house's curb appeal before you list your residence. Mow the lawn, trim the hedges and perform assorted home exterior maintenance and upgrades. And if you need assistance with home exterior projects, you can always reach out to local home improvement professionals for additional help.

2. Eliminate Clutter

Although you may have collected a massive assortment of antiques, decorations and knick-knacks over the years, these items may do more harm than good when you decide to sell your house. In fact, myriad personal belongings scattered throughout your house could make it difficult for homebuyers to envision what life may be like if they purchase your residence.

Prior to listing your house, you should remove as much clutter as possible. You don't necessarily need to dispose of excess items, but it may be a good idea to rent a storage unit so you can store these items until your residence sells. On the other hand, if you no longer need certain belongings, you can sell these items at a yard sale or online or donate them to a local charity.

3. Hire an Expert Real Estate Agent

If you are unsure about how to proceed along the home selling journey, you may want to hire an expert real estate agent. That way, you can receive plenty of support as you navigate the home selling journey.

A real estate agent understands what it takes to list a house in a buyer's or seller's market. He or she will learn about you and your home and develop a plan to ensure you can maximize the value of your residence. And if you ever have concerns or questions about the home selling cycle, a real estate agent can respond to them.

Let's not forget about the assistance that a real estate agent will provide after you accept an offer to purchase your house, either. A real estate agent will guide you through the home closing process. By doing so, he or she will help you avoid stress as you finalize your home sale.

Prepare to list your house – use the aforementioned tips, and you can add your home to the real estate market and move one step closer to selling your residence.

If you're an apartment renter ready to take the plunge into home ownership, there are a lot of reasons to be excited! Owning your own home does bring with it additional work and responsibilities, but the feeling of pride that accompanies it makes it all worthwhile!

Once you get used to the idea that "the buck stops here" and that there's no landlord to handle repairs and maintenance any more, it won't take long to get into the rhythm of being an established property owner. Here are a few tips to help ensure that your first experience with home ownership is a satisfying one.

Get a good real estate agent. A real estate professional can provide you with valuable guidance, advice, and information about houses you're considering in your desired neighborhoods and price ranges. A buyers' agent can help you avoid many of the potential pitfalls of buying your first home and help you stay within budget. They'll assist you in clarifying your priorities and work on your behalf to find homes that meet your requirements. A service-oriented agent will not only point out the positive aspects of houses you're considering, but they'll also discuss ideas for adapting the home to your specific needs and lifestyle.

Hire an experienced property inspector. A seasoned home inspector can take a close look at the condition of the house and property you're considering and help make sure there are no major structural defects, safety issues, or operational problems with the home's systems and components. Although every property inspector approaches their job a little differently, their inspection service should include everything from the roof and foundation to the plumbing, electrical, and HVAC systems. They may also report to you on the condition of the home's insulation, its exterior, and any existing or potential drainage problems on the property. Certain aspects of the house may be excluded from the inspection if it's difficult or unsafe to gain access to them. A top-notch home inspector can also provide useful insights into repairs that need to be made on the house. As a side note, professional property inspectors are often members of The American Society of Home Inspectors and follow the organization's Standards of Practice.

Visit a lot of different houses for sale before making a final decision. It also pays to have a checklist with you to keep track of how each house stacks up to your requirements and expectations.

While your emotions will invariably play a role in your final choice, many other factors should also be taken into account, including the character of the neighborhood, proximity to conveniences and shopping, and the quality of the school district. Your real estate agent and/or the U.S. Department of Housing and Urban Development can provide you with a handy checklist for evaluating and comparing homes for sale.

When prospective buyers stop by to see your house, they're going to be barraged by a variety of sights, sounds, and smells. Some of these sensations will immediately capture their attention, while others may register on a subconscious level.

The encouraging thing to keep in mind is that you can control many aspects of how visitors experience your home.

Here are a few quick tips for making your home as appealing as possible:

Flower arrangements can add a touch of freshness and eye appeal to both the interior and exterior of your home and property. They can also infuse the air with an appealing fragrance, which can make a positive impression on potential buyers. One cautionary note is that wilted or tired-looking floral displays are not going to have the same positive impact as fresh, vibrant ones. Also keep in mind that some flowers smell more appealing than others. Most people generally prefer subtle fragrances, rather than overpowering smells! If the season and your climate permit it, placing hanging baskets of colorful flowers on your front porch and other locations can add immensely to the visual appeal of your property.

Make sure all surfaces are sparklingly clean! Imagine a prospect reaching for a house flyer or information sheet about your home, and finding that the paper was stuck to the kitchen counter! You also don't want them feeling a sticky or wet sensation when they touch or lean their elbow on a counter, tabletop, or refrigerator handle! The same rule-of-thumb can be applied to floor surfaces. If there are sticky spots, stains, or visible spills on the floor, you can be sure that's going to negatively impact a prospect's opinion of your home. It's not easy to keep your home spotless when it's on the market (or at any other time), but if you prioritize areas like floor, countertops, and sinks, then you'll be much less likely to overlook common problem areas. Eliminating pet odors, laundry smells, mold, and mildew will also make your home a much more inviting and appealing place for house hunters, real estate agents, and other visitors.

Reduce household noises whenever possible. Noises, such as squeaky hinges, loud HVAC systems, or rumbling garage doors can imply several things to prospective home buyers -- all of which are undesirable! Low-cost, DIY solutions to these problems are often available, although in some cases, it might be necessary to call a repairman or service person to check out your operating systems and make needed adjustments.

There are a lot of things to be aware of when you sell your house, but if you approach different tasks in a systematic, methodical way, you'll be much more likely to remember the important stuff and avoid sticky situations that could undermine your chances for getting your house sold quickly!